Sunstone Hotel Investors announces pricing of public offering of 18,000,000
shares of common stock
24/06/2014 15:21
Sunstone Hotel Investors, Inc. announced the pricing of its public underwritten offering of 18,000,000 shares of its common stock for expected approximate gross proceeds of USD 263,700,000 before underwriting discounts and commissions and estimated offering expenses payable by the Company. The underwriter has been granted a 30-day option to purchase up to an additional 2,700,000 shares of common stock. The offering is expected to close on or about June 25, 2014. J.P. Morgan is serving as the sole book-running manager for the offering and proposes to offer the shares on the NYSE, in the over-the-counter market or through negotiated transactions at market prices or at negotiated prices. The Company expects to contribute the net proceeds from this offering to Sunstone Hotel Partnership, LLC, its wholly owned subsidiary, in exchange for additional membership interests in the Operating Partnership. The Operating Partnership plans to use those net proceeds from this offering (after deducting the underwriting discount and estimated offering expenses) to (i) finance the acquisition of the 544-room Wailea Beach Marriott Resort & Spa located on 22 fee simple acres in Maui, Hawaii, for a net purchase price of USD 325.7 million, (ii) for other potential future acquisitions and (iii) for general corporate purposes, including working capital and capital investment in our portfolio.
24/06/2014 15:21
Sunstone Hotel Investors, Inc. announced the pricing of its public underwritten offering of 18,000,000 shares of its common stock for expected approximate gross proceeds of USD 263,700,000 before underwriting discounts and commissions and estimated offering expenses payable by the Company. The underwriter has been granted a 30-day option to purchase up to an additional 2,700,000 shares of common stock. The offering is expected to close on or about June 25, 2014. J.P. Morgan is serving as the sole book-running manager for the offering and proposes to offer the shares on the NYSE, in the over-the-counter market or through negotiated transactions at market prices or at negotiated prices. The Company expects to contribute the net proceeds from this offering to Sunstone Hotel Partnership, LLC, its wholly owned subsidiary, in exchange for additional membership interests in the Operating Partnership. The Operating Partnership plans to use those net proceeds from this offering (after deducting the underwriting discount and estimated offering expenses) to (i) finance the acquisition of the 544-room Wailea Beach Marriott Resort & Spa located on 22 fee simple acres in Maui, Hawaii, for a net purchase price of USD 325.7 million, (ii) for other potential future acquisitions and (iii) for general corporate purposes, including working capital and capital investment in our portfolio.
